KSH: Q3 GDP growth slows to 3.2%

Analysis

Hungary's GDP grew 3.2% year-on-year in the third quarter, slowing from 3.9% in the previous quarter, a first reading of data released by the Central Statistics Office (KSH) on Friday revealed. The quarter-on-quarter growth rate was a seasonally- and calendar year-adjusted 0.5% in Q3, down from 0.8% in the previous quarter.

KSH said the industrial and farm sectors were the engines of growth during the period. Pál Pozsonyi, a department head at the office, said growth may have slowed from Q2 because of lower output of the automotive industry in August and an economic slowdown in Germany. A second reading of the data will be published on December 3.

K&H analyst Dávid Németh said growth in the quarter had been over the bank's estimate of 2.9%. He added that added value in the farm, industrial and construction sectors were likely behind the scale of the increase.

Senior Buda-Cash Brókerház analyst Péter Fazakas also said growth was higher than expected, considering trade data suggested a moderate contribution by net exports, and retail sales, too, were soft.

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